Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers).

Credit Union Location in South Carolina

Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments.

Select your city for

At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Credit cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. Credit unions also differ from the traditional consumer cooperatives. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. In the case of default the shareholder - individual will respond with its property and, in addition, is jointly and severally liable with the credit union's commitments.